This is becoming an epidemic – well, actually, it already was, but it’s getting worse. Portugal’s government, after setting off a massive populist rage over its plans to raise the country’s version of our payroll tax, has decided to replace that idea when different crippling tax hikes. Among those reported by the Telegraph (see 15.35, 15.32, and 15.29) to be included in Portugal’s flight to fauxsterity are:
- Higher income taxes across the board
- A tax on “luxury property”
- A capital tax
- A financial transaction tax
In other words, the Portuguese government has decided a higher tax on workers (which was not a good idea) should be replaced by higher taxes on everyone, but especially investors and entrepreneurs (which, if anything, is an even worse idea). Moreover, the government insisted its economic forecasts need not be changed despite this hammer-blow.
So we can now add Portugal to the list of European nations that just don’t get it (other entries are Spain, France, and of course, Greece), although the folks who are pushing for all of this (the Eurocracy in Brussels) is just as ignorant.
This will get much, much worse – and I have no optimism that it will ever get better.
Cross-posted to Virginia Virtucon
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